Impact of Financial Literacy and Financial Capability on Students' Self-Efficacy

<p>Low-income, first-generation college students experience unique obstacles in their pursuits of a college degree. One of the biggest stressors that exist within this population is financial stress which has led to money being the number one reason students do not persist to graduation. Despite this being one of their biggest stressors, many higher education institutions do not put an emphasis on financial literacy initiatives that research has shown can help alleviate this type of stress. This mixed methods study explores the impact financial literacy and financial capability has on a students’ self-efficacy. This research is guided by Albert Bandura’s Self-Efficacy Theory. Student participants from National Louis University voluntarily completed a twenty-six-question survey which included a question at the end inviting them to an optional ten minute follow up interview. Five themes emerged from survey and interview analysis: financial guidance, proactive financial education, student loans, effect on academics, and financial stressors. Implications for practice include the transparency and clarification surrounding the student financial aid that is awarded, promote and train students on the financial literacy tool that institutions oftentimes make available to students, and expand the visibility, outreach, and ease of implementation for students to begin using the financial literacy tool that may be available at an institution. Recommendations for future research include gaining a greater understanding of why student awareness of financial literacy initiatives is so low at many institutions and how to recreate successful practices that already exist at institutions to implement them more broadly.</p>

Name thesis:degree_name

Ed.D. Doctor of Education

Level thesis:degree_level

Dissertation - Public Access

Discipline thesis:degree_discipline

Higher Education Leadership

Year dc:date.available

2024

Author dc:creator

• Scott, Darren

Contributors dc:contributor

• Dr. Jaclyn Rivard
• Dr. Eddie Phillips
• Dr. Brian Hamluk

• Financial literacy
• financial capability
• National Louis University
• financial education
• student loans
• self-efficacy
• Higher Education

Repository record dc:identifier

https://digitalcommons.nl.edu/diss/814

OAI identifier oai:identifier

oai:digitalcommons.nl.edu:diss-1871